Defense attorney Mark Cohen emphasizes that Bankman-Fried is not a monster, but rather a person who made mistakes while genuinely acting in good faith.The SBF trial is reaching its conclusion as both sides delivered their closing arguments this Wednesday.On the other hand, the prosecution attorney, Nicolas Roos, contends that Bankman-Fried should be found guilty of fraud and conspiracy.SBF is currently charged with seven counts of fraud and conspiracy, potentially leading to a maximum prison sentence of 115 years if convicted by the jury.

In a surprising turn of events, Bankman-Fried's defense attorney, Mark Cohen, has portrayed his client in a much different light than the government did during the trial. Cohen argued that Bankman-Fried should not be labeled a "monster" as the prosecution suggested but rather seen as a "mistake-maker" who acted in good faith.
Cohen's defense centered on the idea that Bankman-Fried's actions, while not flawless, were not driven by fraudulent intent. According to Cohen, SBF's only missteps were honest errors, not criminal acts.
During the trial, Cohen humanized the FTX founder by sharing childhood photos of him with former President Bill Clinton and another of Bankman-Fried sleeping on a private jet. He even critiqued the government's trivial attacks on his client's appearance, arguing that being "the worst-dressed CEO in the world" should not constitute a crime.
In his defense, Cohen also highlighted Bankman-Fried's openness and approachability. He emphasized that SBF was always accessible and willing to engage with the media, bloggers, and journalists.
Furthermore, Cohen raised questions about the credibility of the government's witnesses, including Bankman-Fried's former girlfriend, Carloline Ellison, Nishad Singh, and Gary Wang. He asked why these individuals continued to associate with SBF if they believed he was truly "terrible."
Cohen countered the prosecution's argument that Bankman-Fried's card shuffling was a sign of gambling, asserting that it was merely a coping mechanism for fidgetiness. He reiterated that "good faith is a complete defense" and that mistakes should not be treated as crimes.
The defense also underlined the challenges of the cryptocurrency industry and the volatility of its markets.
In contrast, the prosecution's closing arguments painted a different picture. Assistant United States Attorney Nicolas Roos aimed to convince the jury that Bankman-Fried was indeed guilty of fraud and conspiracy. According to Roos, SBF's actions amounted to "stealing" and presented evidence that demonstrated deceit, fund mishandling, and lies.
Roos alleged that Bankman-Fried had set up two methods to embezzle funds from FTX, one through an unlimited cash account at Alameda and another through political contributions made with customer funds. He relied on the testimonies of cooperators who admitted their involvement in the scheme and contended that believing Ellison, Singh, or Wang would lead to a guilty verdict for SBF.
As the trial concludes, a jury of 12 will ultimately decide Bankman-Fried's fate. If convicted, the 31-year-old entrepreneur faces seven counts of fraud and conspiracy, potentially resulting in a staggering 115 years in prison.
The trial has garnered significant attention within the crypto community due to FTX/Alameda's substantial presence before their downfall, with over $25 billion in valuation and $2 billion in assets under management. The prosecution has presented substantial evidence, including testimony from law enforcement officers involved in the investigation, making it a challenging task for SBF's defense to sway the jury in his favor.

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FTX founder Sam Bankman-Fried took the witness stand during his fraud trial, providing an explanation for the events surrounding the October 2022 crisis. As his hedge fund, Alameda Research, faced a $8 billion debt to the cryptocurrency exchange, Bankman-Fried said he believed he had enough assets to cover it until a few days before both entities collapsed.Questioned by his defense lawyer, Mark Cohen, the 31-year-old billionaire expressed his level of concern, stressing that he was not alarmed, although the sum at stake was substantial. According to him, a much larger debt would have qualified the situation as a crisis.Prosecutors say Bankman-Fried tapped FTX client funds to support Alameda, finance risky venture capital investments and contribute to political campaigns in the United States. If convicted, he could face decades in prison.Although Bankman-Fried admitted to making mistakes that led to FTX's bankruptcy in November 2022, he maintains that he did not embezzle customer money. On the witness stand, he attempted to offer alternative explanations for the use of the funds, pointing out that FTX was a "margin" exchange, where many customers, including Alameda, borrowed money from other users to invest.However, during cross-examination, prosecutor Danielle Sassoon brought up previous testimony from Caroline Ellison, Alameda's former general manager and Bankman-Fried's on-and-off girlfriend. Ellison had said the fund borrowed money from FTX clients in June 2022 to repay its lenders. Sassoon pressed the question of whether this constituted margin trading, to which Bankman-Fried responded by emphasizing that it depended on the details and could potentially be considered as such.The lawsuit continues to attract attention as the FTX founder attempts to defend his position and provide clarity on the events surrounding the October 2022 financial crisis. The outcome of this lawsuit will have significant implications for the future of the crypto-industry and the responsibility of the major players in this field.We therefore remain waiting for what happens next, always doing your own research and training is the only way to protect yourself from any volatility. Don't forget to subscribe and leave a 👍 if you liked this article😊Credit Photo: #reuters #SBFFTX #BankmanFriedTrial #sbf

Despite being incarcerated, Sam Bankman Fried (SBF), the disgraced founder of collapsed crypto exchange FTX, continues recommending Solana investment to prison guards.  

Read more on: https://thecryptobasic.com/2024/02/28/ftx-founder-sbf-reportedly-advises-prison-guard-to-invest-in-solana/
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Caroline Ellison, SBF's former girlfriend and former CEO of Alameda Research, provided significant testimony in court.She revealed that Bankman-Fried instructed her and her colleagues to transfer billions of dollars in customer funds from FTX to Alameda accounts.Additionally, SBF allegedly asked Ellison to create fabricated spreadsheets, depicting scenarios that could impact Alameda's ability to secure loans.Ellison claimed that Bankman-Fried assured her that auditors wouldn't scrutinize the falsified financial data.Furthermore, Ellison disclosed that FTX had extended loans, amounting to millions of dollars, to its executives, including SBF.
SBF's Alleged Role in the Fraud Scheme Unveiled
In a recent courtroom testimony, Ellison shed light on the role of SBF (Sam Bankman-Fried) as the alleged mastermind behind a massive fraud scheme at the collapsed exchange. According to Ellison, this scheme involved diverting billions of dollars from FTX customer funds for the benefit of Alameda.
The Testimony Ellison, during her testimony, explained that she crossed paths with Bankman-Fried while working at Jane Street Capital, a New York trading firm. She later joined Alameda in 2018 when it was co-founded as a hedge fund specializing in quantitative crypto trading. Over time, she was appointed as co-CEO in 2021 and sole CEO in 2022, with a substantial salary and bonuses.
Allegations of Misuse Ellison detailed how she and SBF discussed Alameda and FTX regularly. SBF allegedly emphasized the importance of increasing Alameda's borrowing capabilities to facilitate more trades, investments, and acquisitions. In her words, "SBF was directing us to borrow as much money as we could."
FTX's Borrowing Spree As time went on, Alameda's debt swelled to an alarming $10-15 billion. This debt was problematic because it consisted of open-term loans that could be recalled at any moment. To address this issue, Ellison claimed that Bankman-Fried instructed her to create spreadsheets that fabricated scenarios impacting Alameda's ability to borrow and repay loans.
Using FTX Funds Alameda started tapping into FTX's fiat currency deposits, using these funds for investments and arbitrage trades in various cryptocurrencies. When Ellison raised concerns during an FTX audit, she alleged that SBF assured her, "The auditors aren't going to look at that."
Reservations and Risks Ellison expressed her discomfort with Alameda's long-term investments and the growing debt, given their inability to pay the open-term loans if called. She even shared analyses of worst-case and bad-case scenarios for repaying the loans, which showed significant risks.
Bankman-Fried's Defense Bankman-Fried, who has pleaded not guilty to all charges, maintains that he believed Alameda could use the funds on deposit with FTX. His lawyers argue that he is an entrepreneurial visionary who aimed to revolutionize the crypto industry.
Challenging Testimonies Bankman-Fried's legal team questioned the credibility of witnesses, including Ellison and Gary Wang, who had testified about Alameda's access to FTX customer funds. They argue that these individuals were trying to save themselves from prosecution.
A Firm Defense SBF's lawyer asserts that Bankman-Fried is a pioneer and a crypto industry leader who acted in the best interests of his customers and investors. They believe he will be vindicated and his reputation restored."
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